Business Standard

Highway Infrastructure Trust to acquire 12 road projects for Rs 9,005 cr

Out of the 12 projects, 10 projects are currently operational and balance 2 projects are under-construction, which will be acquired post commencement of operations, the trust said

Highway projects, national highway project

Press Trust of India New Delhi

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Highway Infrastructure Trust has signed definitive agreements with PNC Infratech Ltd and PNC Infra Holdings Ltd for acquisition of 12 road projects at an enterprise value of Rs 9,005.7 crore.
The target portfolio comprise 11 Hybrid Annuity (HAM) concessions from NHAI and 1 toll road concession from Uttar Pradesh State Highways Authority (UPSHA) and represents about 3,800 lane kms in the states of Rajasthan, Uttar Pradesh, Madhya Pradesh and Karnataka, Highway Infrastructure Trust (HIT) said in a statement.
Out of the 12 projects, 10 projects are currently operational and balance 2 projects are under-construction, which will be acquired post commencement of operations, the trust said.
"We look forward to integrating these assets into our portfolio and to continue our journey of high-quality asset management backed by world class ESG standards," said Neeraj Sanghi, Chief Executive Officer, Highway Concessions One (Investment Manager to HIT).
Gaurav Chandna, Head Strategic Finance, Highway Concessions One (Investment Manager to HIT) said the transaction is one of the largest acquisitions in the highways sector.
"With this transaction and other signed (and announced) transactions, HIT's asset under management is estimated to cross Rs 20,000 crore," he said.
Its investment manager is Highway Concessions One Private Ltd and its sponsor is Galaxy Investments II Pte Ltd, an entity affiliated with funds, vehicles and/or accounts managed and/or advised by affiliates of KKR & Co Inc.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 15 2024 | 8:13 PM IST

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